SA premier Jay Weatherill concedes defeat

South Australian Premier Jay Weatherill has conceded defeat, failing to win a fifth straight win for Labor in the state.

"I'm sorry I couldn't bring home another victory, but I do feel like one of those horses that has won four Melbourne Cups. I think the handicap has caught up with us on this occasion," he told Labor supporters at the West Adelaide Footy Club.

He has called Liberal leader Steven Marshall to pass on his congratulations.

"I wished him all the best on his endeavours to really take that role and make it his own."

He also thank South Australians and promised Labor would rise back.

"Thank you so much for the extraordinary privilege of being your premier, it's been one of the great joys of my life and we'll just give you one pledge - we'll be back.

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"As we leave government, we leave united, strong and with a real sense of purpose," he said.

"So ensure that all of you keep your heads high, because you have absolutely nothing to be ashamed of in a loss, losses occur."

Mr Weatherill also singled out his predecessor Mike Rann for "this extraordinary 16 years of achievement of this state Labor government".

"Mike was a great premier of South Australia and what we managed to achieve here in this state, and I had the privilege to continue, has much to do with his leadership and his drive in those extraordinary circumstances that took him to government back in 2002."

The Liberal party will be able to form a majority government with at least 24 seats.

Labor has lost some of its 23 seats, but the final result is not yet known. It's projected they'll end up with 18 seats.